Blockchain could save financial institutions $10B by 2030: Ripple
Among the 300 finance professionals surveyed across 45 countries, 97% believe that blockchain will play a crucial role in faster payment systems within the next three years.
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merchants would embrace digital currency payments.
While 50% of those surveyed were confident that most merchants would adopt crypto payments within the next three years, there were varied confidence levels whether it would happen within the next year.
Ripple and US Faster Payments Council report: 'Transforming the way money moves' report. Source: Ripple
Participants from the Middle East and African region showed the highest level of confidence, with 27% of them believing that most merchants will accept crypto as a payment method within the next year.
Meanwhile, leaders in the Asia-Pacific (APAC) region were the least confident, with only 13% believing in the same timeframe. However, across all 300 surveyed participants worldwide, 17% expressed their belief that such adoption could happen within the next year.
This comes after research from the Bank of International Settlements (BIS) revealed there could be up to 24 central bank digital currencies (CBDC) circulating within the next six years.
In a report published by BIS on July 10 – which surveyed 86 central banks from October to December 2022 – it revealed 93% of those institutions are researching CBDCs, and there could be up to 15 retail and 9 wholesale CBDCs in circulation by 2030.
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